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GRE Renew Enertech IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
GRE Renew Enertech Limited is a renewable energy solutions provider primarily focused on solar power projects for industrial and commercial customers. The company operates under CAPEX and RESCO models, earning revenue through EPC execution, operations & maintenance, and long-term power supply contracts. It develops rooftop and planned ground-mounted solar projects, enabling clients to reduce energy costs and carbon footprint.
GRE Renew Enertech, an Book Built Issue, amounting to ₹
39.56 Crore,consisting entirely an Fresh Issue of
0.38 crore shares of ₹
39.56 Crore.The subscription period for the GRE Renew Enertech IPO opens on January 13, 2026, and closes on January 16, 2026. The allotment is expected to be finalized on or about Monday, January 19, 2026., and the shares will be listed on the BSE SME with a tentative listing date set on or about Wednesday, January 21, 2026.
The Share Price Band of GRE Renew Enertech IPO is set at ₹100 to ₹105 per share per equity share. The Market Capitalisation of the GRE Renew Enertech at IPO price of ₹105 per equity share will be ₹
150.02 Crores. The lot size of the IPO is 1200 shares. Retail investors are required to invest a minimum of ₹
252,000, 2 lots ( 2400 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
3 lots (
3600 shares), amounting to ₹
378,000.
SHARE INDIA CAPITAL SERVICES PRIVATE LIMITED, are the book running lead manager of the GRE Renew Enertech Ltd. while MAASHITLA SECURITIES PRIVATE LIMITED is the registrar for the issue, The Market Maker of the company is Share India Securities Ltd.
GRE Renew Enertech Limited IPO GMP Today
The Grey Market Premium of GRE Renew Enertech IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
GRE Renew Enertech Limited IPO Live Subscription Status Today: Real-Time Update
As of 10:30 AM on 17 January 2026, the GRE Renew Enertech IPO live subscription status shows that the IPO subscribed 16.53 times on its Final Day of subscription period. Check the GRE Renew Enertech IPO Live Subscription Status Today at BSE.
GRE Renew Enertech Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
GRE Renew Enertech IPO allotment date is 19 January 2026, Monday, GRE Renew Enertech IPO Allotment will be out on 19 January 2026, Monday, and will be live on Registrar Website from the allotment date.
MAASHITLA SECURITIES PRIVATE LIMITED IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select GRE Renew Enertech IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of GRE Renew Enertech Limited IPO
GRE Renew Enertech to utilise the Net Proceeds towards the following objects:
1. ₹3158.31 Lakh is required for Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant.
2. General Corporate Purposes
Refer to GRE Renew Enertech Limited RHP for more details about the Company.
GRE Renew Enertech Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| January 05, 2026 | ₹ 105 | ₹ 105 | ₹0(0.0%) | 05 January 2026; 04:09 PM |
| January 05, 2026 | ₹ 105 | ₹ 105 | ₹0(0.0%) | 14 January 2026; 12:11 PM |
GRE Renew Enertech IPO Details
| Market Capitalization | ₹150.02 Cr |
| IPO Date | January 13, 2026 to January 16, 2026 |
| Listing Date | January 21, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹100 to ₹105 |
| Issue Price | ₹105 per share |
| Employee Discount | NA |
| Lot Size | 1200 Equity Shares |
| Total Issue Size | 37,68,000 Equity Shares (aggregating to ₹39.56 Cr) |
| Fresh Issue | 37,68,000 Equity Shares (aggregating to ₹39.56 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | BSE SME |
| Share holding pre issue | 1,05,20,000 |
| Share holding post issue | 1,42,88,000 |
| Rating | Avoid |
GRE Renew Enertech IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
GRE Renew Enertech IPO Timeline (Tentative Schedule)
| IPO Open Date | Tue, Jan 13, 2026 |
| IPO Close Date | Fri, Jan 16, 2026 |
| Basis of Allotment | Mon, Jan 19, 2026 |
| Initiation of Refunds | Tue, Jan 20, 2026 |
| Credit of Shares to Demat | Tue, Jan 20, 2026 |
| Listing Date | Wed, Jan 21, 2026 |
| Cut-off time for UPI mandate confirmation | Fri, Jan 16, 2026 |
GRE Renew Enertech IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 1,788,000 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 536,400 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 1,251,600 | Not more than 35% of the Net Offer |
| Market Maker Portion | 192,000 | - |
GRE Renew Enertech IPO Promoter Holding
| Share Holding Pre Issue | 95.06% |
| Share Holding Post Issue | 69.99% |
GRE Renew Enertech IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹252,000 |
| Retail (Max) | 2 | 2,400 | ₹252,000 |
| S-HNI (Min) | 3 | 3,600 | ₹378,000 |
| S-HNI (Max) | 7 | 8,400 | ₹882,000 |
| B-HNI (Min) | 8 | 9,600 | ₹1,008,000 |
GRE Renew Enertech IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 7,14,000 | 1,04,85,600 | 14.69x | 16 January 2026; 06:05 PM |
| Non Institutional Investors(NIIS) | 7,32,000 | 1,35,13,200 | 18.46x | 16 January 2026; 06:06 PM |
| Retail Individual Investors (RIIs) | 12,60,000 | 1,77,60,000 | 14.10x | 16 January 2026; 06:06 PM |
| Total | 25,14,000 | 4,15,66,800 | 16.53x | 17 January 2026; 10:31 AM |
About GRE Renew Enertech Limited
GRE Renew Enertech Limited is a renewable energy solutions provider primarily focused on solar power projects for industrial and commercial customers. The company operates under CAPEX and RESCO models, earning revenue through EPC execution, operations & maintenance, and long-term power supply contracts. It develops rooftop and planned ground-mounted solar projects, enabling clients to reduce energy costs and carbon footprint.
Key Clients & Manufacturing Facilities
The company serves industrial and commercial clients across India seeking on-site solar installations. GRE Renew Enertech operates from its registered office and manufacturing/assembly facility at GIDC-II, Dediyasan, Mehsana, Gujarat, supported by a corporate office in Ahmedabad. The facility enables design, engineering, procurement, assembly, and project execution, ensuring quality control, timely delivery, and efficient project implementation.
Product Portfolio & Order Book Execution
The company’s portfolio includes rooftop solar EPC projects, RESCO-based solar power supply, and limited LED lighting solutions (less than 5% of revenue). Solar solutions form the core lifecycle cost-saving component for clients by reducing long-term power expenses. The order book is primarily solar EPC-driven, with execution supported by in-house engineering and experienced project management teams.
Mergers, Capex & Expansion Plans
GRE Renew Enertech has converted into a public limited company and incorporated a wholly owned subsidiary, GRE Green Energy Private Limited, to support future growth. The company plans capital expenditure toward a 7.20 MW (AC) / 9.99 MW (DC) ground-mounted solar project under the RESCO model, strengthening recurring revenue visibility and long-term asset ownership.
Employees & Banker Details
As on September 30, 2025 the company had 48 full-time employees.. The Banker to the Company is HDFC Bank Limited.
Management & Growth Vision
The management team is led by first-generation entrepreneurs with over 25–35 years of experience in engineering, manufacturing, and solar project execution. Their vision focuses on scaling solar EPC and RESCO assets, increasing annuity-based revenues, and expanding ground-mounted solar capacity. Funding for capex and expansion is planned through IPO proceeds, internal accruals, and structured banking support, ensuring prudent leverage and sustainable growth.
Industry Overview
GRE Renew Enertech operates in India’s renewable energy sector, primarily solar power. India targets 50% of electricity from renewables by 2030 and net-zero emissions by 2070. As of 2023, India ranked 4th globally in installed solar and renewable capacity. The Indian renewable energy market is expected to grow at high single-digit to double-digit rates, supported by policy incentives and rising industrial demand.
Key Risk Factors
- Project Execution Risk – Delays in EPC execution due to land, approvals, or supply chain disruptions may impact revenue recognition and margins.
- Customer Concentration Risk – Dependence on industrial and commercial clients may expose revenues to sector-specific slowdowns.
- Regulatory Risk – Changes in renewable energy policies, net metering rules, or tariffs can affect project viability.
- Capital Intensity Risk – RESCO projects require upfront capital investment, impacting cash flows in early years.
- Competition Risk – The solar EPC market is highly competitive, putting pressure on pricing and margins.
- Technology Risk – Rapid changes in solar technology may require continuous upgrades and capital spending.
Key Strengths, Moat & Opportunities
- Dual Business Model – Presence in both CAPEX and RESCO models provides revenue diversification and annuity income.
- Experienced Promoters – Promoters bring over three decades of technical, operational, and marketing experience.
- In-house Execution Capability – Integrated engineering and project management improve execution control and timelines.
- Recurring Revenue Potential – Planned RESCO ground-mounted projects enhance long-term cash flow visibility.
- Favorable Industry Tailwinds – Strong government support and rising demand for clean energy create sustained growth opportunities.
- Strategic Subsidiary Structure – Dedicated subsidiary supports focused development of future renewable assets.
GRE Renew Enertech Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 2,469.76 | 2,070.54 | 1,978.35 | 988.66 |
| Total Assets | 4,277.44 | 4,546.14 | 4,912.43 | 5,164.71 |
| Total Borrowings | 144.69 | 159.18 | 456.68 | 475.31 |
| Fixed Assets | 1,345.69 | 517.83 | 212.46 | 259.30 |
| Cash | 539.51 | 668.81 | 629.91 | 169.75 |
| Cash flow from operating activities | 27.77 | 1,065.51 | 581.02 | -286.80 |
| Cash flows from investing activities | -118.39 | -1,022.12 | -63.33 | 596.96 |
| Cash flow from financing activities | -38.68 | -4.50 | -57.52 | -334.21 |
| Net Borrowing | -38.68 | -509.63 | -173.23 | 305.56 |
| Revenue | 4,397.68 | 8,437.38 | 9,215.40 | 5,310.88 |
| EBITDA | 571.90 | 948.29 | 1,147.86 | 131.39 |
| PAT | 399.98 | 702.64 | 990.52 | 89.27 |
| PAT Margin | 9.10% | 8.33% | 10.75% | 1.68% |
| EPS | 3.8 | 6.71 | 9.91 | 0.89 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 6.71 |
| EPS Post IPO (Rs.) | 4.92 |
| Adjusted 12M EPS Post IPO (Rs.) | 5.60 |
| P/E Pre IPO | 15.65 |
| P/E Post IPO | 21.35 |
| Adjusted 12M P/E Post IPO | 18.75 |
| ROE | 26.89 |
| ROCE | 29.6 |
| P/BV | 3.54 |
| Debt/Equity | 0.05 |
| RoNW | 26.89 |
| EBITDA Margin | 11.33 |
| PAT Margin | 8.33% |
GRE Renew Enertech Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| GRE Renew Enertech | 4.92 | 21.35 | 26.89% | 29.60% | 3.54 | 0.05 | 26.89% |
| Oriana Power | 81.92 | 15.99 | 48.4 % | 42.3 % | 5.11 | 0.50 | 48.62% |
| Zodiac Energy | 13.27 | 29.27 | 27.5 % | 20.0 % | 6.11 | 1.76 | 27.71% |
GRE Renew Enertech Limited Contact Details
GRE Renew Enertech Limited
Phone: +91 9974039300
Email: cs@greindia.com
Website: https://greindia.com
GRE Renew Enertech IPO Registrar and Lead Manager(s)
Maashitla Securities Private Limited
Phone: +91 011 - 45121795
Email: ipo@mashitla.com
Website: http://www.mashitla.com
SHARE INDIA CAPITAL SERVICES PRIVATE LIMITED
Phone: +91 120-6483000
Email: kunal.bansal@shareindia.co.in
Website: http://www.shareindia.com/
GRE Renew Enertech IPO Review
GRE Renew Enertech Limited is a renewable energy solutions provider primarily focused on solar power projects for industrial and commercial customers. The company operates under CAPEX and RESCO models, earning revenue through EPC execution, operations & maintenance, and long-term power supply contracts. It develops rooftop and planned ground-mounted solar projects, enabling clients to reduce energy costs and carbon footprint.
The Company is led by Promoter, i.e.,MR. VIVEK AGGARWAL, MR. ABHISHEK AGGARWAL, MS. ASHI AGGARWAL AND MR. DINESH AGGARWAL
The Revenues from operations for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 4,397.68 Lakh, ₹ 8,437.38 Lakh, ₹ 9,215.40 Lakh, and ₹ 5,310.88 Lakh, The EBITDA for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 571.90 Lakh, ₹ 948.29 Lakh, ₹ 1,147.86 Lakh, and ₹ 131.39 Lakh, The Profit after Tax for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 399.98 Lakh, ₹ 702.64 Lakh, ₹ 990.52 Lakh, and ₹ 89.27 Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 6.71 and post-issue EPS of ₹ 4.92 for FY25. The pre-issue P/E ratio is 15.65x,while the post-issue P/E ratio is 21.35x against the Industry P/E ratio is 31.35 The company's ROE for FY25 is 26.89% and RoNW is 26.89% The Annualised EPS is ₹ 5.60x and P/E is 18.75x. These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of GRE Renew Enertech showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the GRE Renew Enertech
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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